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What is car insurance

Car insurance, or motor insurance, covers your motor vehicle against financial loss and damage caused by accidents, unforeseen events and theft. It can also protect you from the financial costs of repairing or replacing another person’s vehicle in an accident where you may have been at fault.

There are four different types of car insurance in Australia:

1. Compulsory Third Party Insurance (CTP)

2. Comprehensive Insurance
3. Third Party Insurance
4. Third Party, Fire and Theft Insurance

It’s helpful to know about the various types of car insurance so you can make an informed decision about which policy is best for you.

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What is compulsory third-party (CTP) insurance?

You are required by Australian law to have CTP insurance in order to register your vehicle (also known as the ‘Green Slip’). In most states, CTP is covered in your vehicle registration, except in NSW where drivers must take out CTP before registering.

CTP provides cover for people who are injured or killed if your vehicle is involved in an accident. This means that if the person driving your vehicle (whether it’s you or someone else) has an accident and someone gets hurt, CTP protects you from being financially liable.

CTP does not cover against damage to your own vehicle/property, other vehicles or third-party property.

What is comprehensive car insurance?

Comprehensive car insurance covers you against damage to your car and damage caused to other vehicles and third party property. It also covers you for malicious damage, theft and fire.

In the unfortunate event that you are involved in an accident, comprehensive car Insurance provides you with peace of mind that your car and anyone else’s vehicle is covered. You do not have to worry about being financially liable for damage to other vehicles and property.

What is third-party car insurance?

Third-party insurance is a basic level of insurance cover for damage caused by your car to someone else’s vehicle or property. Third-party insurance is non-compulsory and not to be confused with Compulsory Third Party Insurance (CTP).

What is third party, fire and theft car insurance?

Third party, fire and theft Insurance is an upgrade of third party Insurance. It covers against damage caused by your vehicle to another person’s vehicle and property, as well as fire damage and theft. It can also have additional features such as emergency repair cover.

Do I need car insurance?

If your vehicle is damaged in an accident where you were at fault, having comprehensive motor insurance can help pay for repairs. It can also replace your vehicle altogether if it’s written off. If your car is stolen, comprehensive car insurance can pay out the agreed or market value so that you can buy another car. 

Third party/third party fire and theft insurance can cover the costs you may be liable to pay if you are at fault, eg. if you damage or write off someone else’s car. It’s also available as a standalone policy.

Regardless of which policy you choose to take out, it’s highly recommended that you take out additional coverage on top of compulsory third party insurance for extra peace of mind on the road.

What factors effect a car insurance premium?

Car insurance premiums vary based on several factors. Some of these factors include:

  • Your driving history (and the history of other names drivers of the vehicle)

  • Your claims history

  • Age of driver(s)

  • Where you park your vehicle at home, e.g. in garage or on the road

  • Market value insurance

  • The type of vehicle you drive

  • Insurance excess

  • Type of car insurance policy you take out

Get a quote for car insurance today!

If you would like more information or a personalised quote for your car insurance, give us a call today on 1300 815 344. Our friendly team of multi-award winning brokers would be more than happy to assist you with all of your car insurance needs and enquiries.

Why Insurance HQ?

Insurance HQ is a friendly family-owned & run insurance brokerage.

We have been in the industry for over a decade and specialise in bringing our customers’ real service and insurance coverage they can count on.

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Our difference:

  • We take all of the stress out of choosing cover as we know what policies offer genuine protection vs coverage that simply “sounds good”.

  • In the event of a claim, our multi-award winning team will take all the hassle and stress out of the process, handling the situation for you. With years of experience handling all forms of claims, there isn’t a scenario we haven’t heard or mastered the art of dealing with.

  • No one knows the industry better – we get our clients the best possible cover, for the best possible price and we fight for your best interest.

  • Beyond our customer service and our industry experience, we’ve spent many years building a strong rapport with insurers and negotiating competitive premiums.

  • With access to over 170 insurers and a friendly team who will take care of you, come and experience the Insurance HQ difference today. Give us a call on 1300 815 344 or request a quote.